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NEWS UPDATES 14 September 2009

Indonesia targets $19bn in revenue from energy, minerals

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The energy and mineral resources sectors are expected to contribute 189.48 trillion rupiah ($18.9 billion) to Indonesian state coffers in 2010, state news agency Antara quoted an official as saying.

Spokesman for the Energy and Mineral Resources Ministry Sutisna Prawira told Antara news agency on Saturday the revenue from the sectors would account for 20 percent of the country’s total income.

Sutisna said the House of Representatives and government had agreed an assumed price of $65 per barrel at an exchange rate of 10,000 rupiah per US dollar as the basis for calculations. National crude oil output was set at 965,000 barrels per day.

The lawmakers have also approved a total energy subsidy of 106.53 trillion rupiah for next year. Out of this, 57.36 trillion rupiah will be allocated for fuel and biofuel subsidy.

Apart from the energy subsidy, the government will have to pay  $12 billion in cost recovery to oil and gas contractors next year.


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